For those who have established a good credit history, cash back credit cards can be a real perk. If your score is in the high 700's and 800's, these cards can add value and reward you for purchases typically made on a regular basis. In comparing the major programs such as American Express, MasterCard, Discover or Visa cash back credit cards; cash back is an option offered by all four companies.
American Express cash back credit cards rewards are a good example of how these programs can work for you. With American Express cash back credit cards rewards, there is no limit to the number of rebates and discounts you can earn. The company's Blue Cash program offers rebates of up to five percent on select purchases, as well as a generous zero percent APR period. Best of all, the American Express cash back credit cards rewards has no extra fees for those who qualify.
The issue of fees is the major reason that you should compare cash back credit cards before you sign up for one. All cash back credit cards are different, and are focused on different things. Some have a number of fees that are charged, whereas others have minimal fees, or none at all. "House" cash back credit cards are those offered by a specific merchant or company, and typically the rewards offered by such companies are limited to certain stores and/or specific items.
Rewards offered by cards like Visa cash back credit cards and others include discounts on services, lodging and dining, and frequent flyer miles when you use these credit cards. Cash back may also be deposited directly into your bank account.
As you compare cash back credit cards, you'll want to read the entire agreement carefully. Remember that low introductory interest rates are just that - introductory. Understand that a variable APR is one that will adjust up or down over time. Most importantly, ascertain as to what the individual cash back credit cards are offering, so you can be sure that it will serve your specific needs. Interest rates can also differ. Typically, a credit card issued through a credit union has substantially lower rates than one issued by a bank, and generally is free from the annoying fees that can effectively cancel out the benefits of using such credit cards. Cash back credit cards can provide many significant benefits, but do your due diligence and shop around before signing up for one.
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